A large transaction consisting of XRP tokens is on the way, crypto exchange Binance warned via Twitter. Looks like the seventh-ranked token is poised for an early Christmas. Besides XRP, Chainlink’s token, LINK would also be moved.
In the thread, the trading platform announced that as part of its housekeeping for Binance-pegged tokens, it will be moving the mentioned assets, which are collateral for Btokens, into dedicated wallets.
This wasn’t the first time for the world’s dominant digital asset exchange.
A few days ago, data from Whale Alert spread the word about a staggering 300,000,000 XRP being transferred from a Binance wallet. The value of this Ripple-backed token cryptocurrency in fiat amounts is roughly $11 million.
Prior to that, the exchange sent over 37 million XRP to a wallet that the aforementioned tracker flagged as “unknown.”
Just two crypto transfers from Binance were made in the last 24 hours. 1.2 billion BUSD were also seen to have left this exchange in the previous 10 hours by Whale Alert. In total, close to $2 billion worth of cryptocurrency has been taken out of Binance.
This huge exodus started in the backdrop of the US prosecutor’s office indicating that it is considering filing charges against Binance, the largest exchange by trading volume since it believes the trading platform is laundering money and breaking sanctions.
As reported by TronWeekly, Binance’s latest proof of reserve has been the cause of concern for investors. A report by Nansen revealed that crypto market maker Jump Trading became the largest withdrawer from Binance.
Binance Is XRP’s Largest Liquidity Holder
CEO Changpeng Zhao or CZ slammed the news as FUD [fear, uncertainty, and doubt] and urged everyone not to worry.
Following the reports, Binance tweeted that it was temporarily suspending USDC withdrawals as it engages in a token swap between USDC and BUSD [which is managed by Paxos].
CZ clarified that until the bank launches operations in the United States, it will not be possible to update the account ledgers necessary for this swap at a New York-based bank.
That said, per data provider Nomics, Binance is the biggest holder of XRP liquidity with a daily trade volume of more than $100 million and 150 million XRP in its reserves.